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Notes to Accounts of Alankit Ltd.

Mar 31, 2023

The information regarding Micro, Small and Medium Enterprises as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006, to the extent such parties have been identified on the basis of information available with the Company, is given below:

Note 34 Segment Reporting

1. Business Segment:

(I) The business segment has been considered as the primary segment.

(II) The Company’s primary business segments are reflected based on principal business activities, the nature of service, the differing risks and returns, the organisation structure and the internal financial reporting system.

(iii) The Company’s primary business comprises of two business segments viz., E- Governance Services and E- Governance Trading.

(iv) Segment revenue, results, assets and liabilities include amounts identifiable to each segments allocated on a reasonable basis.

(v) The accounting policies adopted for segment reporting are in line with the accounting policies adopted for preparation of financial information.

2. Geographical Segment :

The Company operates in one Geographic Segment namely “Within India” and hence, no separate information for Geographic Segment wise disclosure is required.

i) Title Deeds of all Immovable properties are held in the name of the company

ii) The company does not have any investment property.

iii) During the year the company has not revalued its property,plant and Equipment (including right -of-Use Assets)

iv) During the year the company has not revalued its intangible assets

vi) The Comonay does not hav any assets uder Capital work in progress.

vii) The company does not have Intangible assets under development

viii) No proceeding has been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

ix) The company has borrowings from banks or financial institiution on the basis of security of current assets and quarterly returns or statement of current assets filed by the company with banks or financial institutions are in agreement with books of accounts.

x)

xi) The company has not entered into any transaction with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

xii) No charges or satisfaction yet to be registered with ROC beyond the statutory period.

xiii) The company has complied with the number of layers prescribed under clause (87) of section 2 of the act read with companies (Restriction on number of layers) rule 2017.

xv) During the year any Scheme of Arrangements has not been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013.

xvi) Utilisation of Borrowed funds and share premium:-

A) The company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall

(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;

(B) The company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the company shall

(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

xvi i i) No amount has been surrendered or disclosed as income in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961

xix) The company has not traded or invested in Crypto Currency or Virtual currency during the year.

Note 36 (A) : Financial instruments (i) Fair values hierarchy

Financial assets and financial liabilities measured at fair value in the statement offi nancial position are classified into three Levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows:

Level 1: Quoted prices (unadjusted) in active markets for financial instruments.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data rely as little as possible on entity specific estimates. Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

Note 36 (B) : Financial risk management

The Company’s activities expose it to market risk, liquidity risk and credit risk. The Company''s board of directors has overall responsibility for the establishment and oversight of the Company''s risk management framework. This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and the related impact in the financial statements.

1) Credit risk

Credit risk is the risk that a counterparty fails to discharge an obligation to the company. The company is exposed to this risk for various financial instruments, for example by granting loans and receivables to customers, placing deposits, etc. The company’s maximum exposure to credit risk is limited to the carrying amount of following types of financial assets.

- cash and cash equivalents,

- trade receivables,

- loans & receivables carried at amortised cost, and

- deposits with banks

- Investment

Credit risk management

Credit risk rating

The Company assesses and manages credit risk based on internal credit rating system, continuously monitoring defaults of customers and other counterparties, identified either individually or by the company, and incorporates this information into its credit risk controls. Internal credit rating is performed for each class off inancial instruments with different characteristics. The Company assigns the following credit ratings to each class offi nancial assets based on the assumptions, inputs and factors specific to the class of financial assets.

Cash & cash equivalents and bank deposits

Credit risk related to cash and cash equivalents and bank deposits is managed by only accepting highly rated banks and diversifying bank deposits and accounts in different banks.

Trade receivables

Company''s trade receivables are considered of high quality and accordingly no life time expected credit losses are recognised on such receivables.

Investment

Investment includes long term investments in subsidiary companies which are of high quality and accoringly no life time expected credit losses are recognised on such investments.

Loans & Other financial assets measured at amortised cost

Other financial assets measured at amortized cost includes advances to subsidry companies and employees. Credit risk related to these other financial assets is managed by monitoring the recoverability of such amounts continuously, while at the same time internal control system in place ensure the amounts are within defined limits.

2) Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability off unding through an adequate amount of committed credit facilities to meet obligations when due. Due to the nature of the business, the Company maintains flexibility in funding by maintaining availability under committed facilities.

Management monitors rolling forecasts of the Company’s liquidity position and cash and cash equivalents on the basis of expected cash flows. The Company takes into account the liquidity of the market in which the entity operates. In addition, the Company’s liquidity management policy involves projecting cash flows in major currencies and considering the level ofl iquid assets necessaryto meetthese, monitoring balance sheet liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans.

3) Market risk

a) Interest rate risk

The Company is not exposed to changes in market interest rates as all of the borrowings are at fixedrate of interest.AlsotheCompany’s fixed deposits are carried at amortised costand are fixed rate deposits.They are therefore not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.

b) Price risk Exposure

The Company has no exposure to price risk arises from investments held and classified as FVTPL. To manage the price risk arising from investments in mutual funds and equity investment, the Company diversifies its portfolio of assets.

Note 36 (’C) : ’Capital management

The Company1 s capital management objectives are

- to ensure the Company’s ability to continue as a going concern

- to provide an adequate return to shareholders

Management assesses theCompany’scapitalrequirements in order to maintain an efficientoverallfinancingstructure.This takes into account the subordination levels of the Company’svariousclasses of debt.The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets.

Note 38

The Company has invoked the arbitration against NSDL E Governance Infrastructure Limited and has claimed an amount of Rs. 7529.20 Lacs Per contra NSDL has claimed an amount of Rs. 2854.43 Lacs via its counter claim. Arbitration award was received on 11th August 2022 and company has filed appeal with the Hon''ble Bombay High Court against the award.

Note 39

Purchases of goods/expenses in foreign exchange current year Rs.685.09 /- (Previous year Rs. 469.39/-). Sale of goods and services in foreign exchange curent year Rs.32.65/-(previous year-Rs. Nil)

Note 40

The company has terminated its contract with Municipal Corporation of Greater Mumbai (MCGM) vide letter dated 19th November 2020 on whose behalf company was providing services of Operating Customer service center (CSC) . The company has provided Bank Guarantee of Rs 1 crore as a security which has been forfeited by MCGM on termination of contract. In the opinion of management, the amount is recoverable from them and also accounted as recoverable in the books of accounts. In the said matter the financial suit filled by the company is pending for disposal in Bombay High Court.

Note 41

A Search and seizure operation u/s 132 of the Income Tax Act,1961 was conducted by the Income Tax department from 18.10.2019 to 23.10.2019 on the company. The assessment proceedings u/s 153A and 143(3)ofthe I.T. Act,1961 was completed on 24.05.2022 the company received demand notices under section 156 ofthe Income Tax Act, 1961 with respect to assessment years 2010-11 to 2020-21 amounting to Rs.17460.95 Lacs. The company has filed an appeal with Commissioner of Appeals on 21.06.2022 against the additions made . The management is of the opinion that no liability is likely to arise from these additions after decision of the appellate authorities.

Note 42

In opinion of the management, the current assets, loans and advances are expected to realise the amount at which they are stated, if realised in the ordinary course of business and provision of known liabilities have adequately made in the accounts.

Note 43

Figures for previous year have been regrouped / rearranged wherever considered necessary.

Note 44

Figures have been rounded off to the nearest Rupees in Lakh


Mar 31, 2018

1. COMPANY OVERVIEW

Alankit Ltd. (‘the Company’) is primarily engaged in e-Governance services and e-Governance products trading and ancillary services related to e-Governance business.

The Company is a public limited company incorporated and domiciled in India and has its registered office in New Delhi ,lndia & previously known as “Euro Finmart Limited”. The Company has its primary listings on the Bombay Stock Exchange Limited and National Stock Exchange of India Limited.

2) Share capital

The authorised, issued, subscribed and fully paid-up share capital comprises of equity shares and having a par value of Re.l each as follows:

(ii) Restrictions attached to shares

The Company has issued only one class of shares referred to as equity shares having a face value of Re. 1/-. each. Each holder of equity share is entitled to one vote per share. There are no special rights, preferences and restrictions attached to any share. No shares are reserved for issue under options and contracts/commitments for the sale of shares/disinvestment.

Cash credit facility from bank of Rs.492.20 Lakhs (Previous year Rs. 499.56 Lakhs) are secured by hypothecation of present and future stock in trade, book debts & other current assets ofthe company and personal guarantee of directors, immovable property of the Company as collateral.

3) Other financial liability

Other financial liabilities consists of the following:

4(1) Corporate Social Responsibilty (CSR)

(a) CSR Amount required to be spent as per Section 135 of The Companies Act, 2013 read with Schedule VII thereof by the company during the year Rs. 17.58 Lakh (previous year Rs.2.69lakh).

(b) Expenditure related to corporate social responsibilty Is Rs.20 Lakh (previousyear Rs.l5Lakh).

Note 5 Employee Benefit Obligations:

The company is depositing contribution in respect of employees covered under Provident Fund Act, 1952 on monthly accrual basis with the “Statutory Provident Fund” which has been charged to the profit & loss account.

Defined Benefit Plan

The present value of Gratuity (non funded) is determined based on actuarial valuation & charged to the Profit & Loss account for the year.

Note 6 Segment Reporting

1. Business Segment:

(I) The business segment has been considered as the primary segment.

(II) The Company’s primary business segments are reflected based on principal business activities, the nature of service, the differing risks and returns, the organisation structure and the internal financial reporting system.

(iii) The Company’s primary business comprises of two business segments viz., E- Governance and Financial Activities.

(iv) Segment revenue, results, assets and liabilities include amounts identifiable to each segments allocated on a reasonable basis.

(v) The accounting policies adopted for segment reporting are in line with the accounting policies adopted for preparation of financial information.

Note 7 Contingent Liabilities and Commitments

Bank guarantee issued in favour of following Parties:-

1. Oriental Bank of Commerce (for UID Project) Rs. 37,75,200/-(previous year Rs. 37,75,200/-)

2. The Principal Secretary & Commissioner, DolT&C, IT Building, Yojana Bhawan Campus, Tilak Marg, C-Scheme, Jaipur (Rajasthan) Rs.l2,00,000(previousyear Rs. Nil)

3. The Section officer, DEA, Banking division, Department of Financial Services, Ministry of Finance Rs.8,00,000/- (previous year Rs. Nil)

4. UIDAI Rs.27,00,000/-(previousyear Rs.2,00,000/-)

Stock worth Rs.16,56,78,632/- as on 31.03.2018 of LED Bulb, Fan and Tube Light is lying at vendors and own branches on behalf of Energy Efficiency Services Limited (EESL), This liability is contingent in nature and therefore has not been provided in books.

Note 8

Purchases of goods in foreign exchange current year Rs.5,46,97,674/- (previous year Rs.8,46,69,577/-). Sale of goods in foreign exchange current year Rs.67,42,756/-(previousyear-Rs.72,64,628).

Note 9

Figures for previous year have been regrouped / rearranged wherever considered necessary.

Note 10

Paise have been rounded off to the nearest rupee.


Mar 31, 2016

Note

a) The company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures in relation to amounts unpaid as at the yearend together with interest paid/payable under this Act have not been given.

b) There are no specific claims from supplier under the “interest on delayed payments to Small Scale and Ancillary Industrial Undertakings Act, 1993.”

NOTE 1. CONTINGENT LIABILITY

Bank guarantees issued in favor of Oriental Bank of Commerce (for UID Project) Rs.37,75,200/- & in favour of UIDAI Rs.2,00,000/-.(Previous year Rs.37,75,200/- & Rs.2,00,000/- respectively)

Note 2. Employee Benefit Obligations:

The company is depositing contribution in respect of employees covered under Provident Fund Act, 1952 on monthly accrual basis with the “Statutory Provident Fund” which has been charged to the profit & loss account.

Defined Benefit Plan

The present value of Gratuity (non funded) is determined based on actuarial valuation & charged to the Profit & Loss account for the year.

Note 3 Segment Reporting

1. Business Segment:

(I) The business segment has been considered as the primary segment.

(II) The Company''s primary business segments are reflected based on principal business activities, the nature of service, the differing risks and returns, the organization structure and the internal financial reporting system.

(iii) The Company’s primary business comprises of two business segments viz., E- Governance and Financial Activities.

(iv) Segment revenue, results, assets and liabilities include amounts identifiable to each segments allocated on a reasonable basis.

(v) The accounting policies adopted for segment reporting are in line with the accounting policies adopted for preparation of financial information.

Note : Figures in respect of previous year are stated in brackets in Italics.

4. Geographical Segment :

The Company operates in one Geographic Segment namely “Within India” and hence, no separate information for Geographic Segment wise disclosure is required.

Note 5. Related Party Disclosure

Key Management Personal Managing Director Ankit Agarwal

Director Alok Kumar Agarwal (w.e.f. 31.08.2015)

Director Rajeshwar Prasad Agrawal (up to 31.08.2015)

Independent Director Yash Jeet Basrar

Independent Director Pradip Kumar Banerji

Independent Director Shyam Kishore Lal

Whole time Director Preeti Puri (w.e.f. 20.10.2015)

Whole time Director Ishleen Kaur (up to 11.05.2015 )

Relatives of Key Management Personal Alok & Co. LLP

Alankit Associates Pvt Ltd Alankit Finsec Limited Alankit Assignments Limited

Subsidiaries Companies Alankit Technologies Limited

Euro Global Brokers Limited Europlus Financial Services Limited Faith Business Advisors Limited

Note 6.

Purchases of goods in foreign exchange current year Rs.2,92,68,462/- (previous year Nil). Note 2.26

Figures for previous year have been regrouped / rearranged wherever considered necessary. Note 2.27

Paise have been rounded off to the nearest rupee.

Resigned w.e.f. 31st August, 2015

A Appointed as Additional Director w.e.f 31st August, 2015

# Appointed as Additional Director w.e.f. 11th July, 2015

2


Mar 31, 2014

Note no.: 1

Figures for previous year have been regrouped / rearranged wherever considered necessary.

Note no.: 2

Paisa have been rounded off to the nearest rupee.


Mar 31, 2013

1.1 There are no rights, preferences and restrictions attached to any share.

1.2 There is no share reserved for issue under options and contracts/ commitments for the sale of shares/disinvestment. *Balances of Trade Receivables are subject to confirmation and reconciliation, differences if any, shall be accounted for on such reconciliation.

* Trade Receivables are expected to realise at least the amount at which they are stated, if realized in the ordinary course of business.

Note No. 3 : Contingent Liability

Bank guarantees issued in favour of Oriental Bank of Commerce (for UID Project] Rs. 3,775,200/- & in favour of UIDAI Rs. 200,000/- (Previous Year nil]

Note No. 4 : Earning Per Share

The earning per share has been calculated as specified in Accounting Standard 20 on "Earning Per Share" issued by ICAI and related disclosures are as below:


Mar 31, 2012

1.1 Figures of previous year have been regrouped or rearranged, wherever considered necessary to make them comparable with those of the current year.

1.2 Preliminary expenses incurred upto March 31, 1998 are amortized over a period of ten years and thereafter expenses incurred be amortized over a period of five years. However, Project Promotion Expenses and Share Issue Expenses under the head Miscellaneous Expenditure are being written off over a period of ten years in equal installments. These expenses have not been adjusted during in the past several years due to losses and keeping in view the current year profits, the same has been amortized during the year under report.

1.3 MANAGERIAL REMUNERATION - NIL

1.4 The information as required by para 3 & 4 of part II of Schedule VI of the Companies Act, 1956:

(A) PARICULARS OF LICENCED/INSTALLED CAPACITY/PRODUCTION - Since the company is trading in shares, securities and derivatives, the same is not applicable.

(B) EARNING IN FOREIGN EXCHANGE

1.5 Current Year Previous Year F.O.B. Value of Exports NIL NIL

1.6 CONTINGENT LIABILITIES

Bank Guarantee, Counter guarantee for Guarantee issued by bank NIL NIL

1.7 CAPITAL COMMITMENTS

Estimated amount of contracts remaining to be executed on capital account and not provided for are Rs. Nil (P.Y. Rs. NIL).

1.8 PROVISION FOR TAXATION

Provision for taxation under Income Tax Act, 1961 has been made under the provisions of section 115-JB of Income Tax Act, 1961, relating to Minimum Alternative Tax (MAT).

1.9 BONUS

The Company has not provided any bonus for the year under report, the same shall be accounted for as and when paid.

1.10 ACCOUNTING FOR TAXES ON INCOME

As a matter of prudence, company is not recognizing the deferred tax asset/liability as provided by the Accounting Standard - 22.

1.11 During the year under report, the company has allotted 38,78,324 Fully Paid Equity Shares as bonus shares to the existing shareholders of the company by capitalization of the equivalent amount from Share Premium Reserves the same has been approved by the shareholders of the company.

1 The Company has only one class of shares referred to as equity shares having a par value of Rs. 10/-. Each holder of equity share is entitled to one vote per share.


Mar 31, 2010

1. Figures of previous year have been regrouped or rearranged, wherever considered necessary to make them comparable with those of the current year.

2. Preliminary expenses incurred upto March 31, 1998 are amortized over a period of ten years and thereafter expenses incurred be amortized over a period of five years. However, Project Promotion Expenses and Share Issue Expenses under the head Miscellaneous Expenditure are being written off over a period of ten years in equal installments. These expenses have not been adjusted during in the past several years due to losses and keeping in view the current year profits, the same has been amortized during the year under report.

3. MANAGERIAL REMUNERATION - NIL

4. The Balances of Sundry Debtors, Loan & Advances and Advances Recoverable are subject to confirmation and therefore remain unconfirmed.

5. The information as required by para 3 & 4 of part II of Schedule VI of the Companies Act, 1956:

(A) PARICULARS OF LICENCED/INSTALLED CAPACITY/PORDUCTION - Since the company is trading in shares, securities and derivatives, the same is not applicable.

(B) EARNING IN FOREIGN EXCHANGE

Current Year Previous Year F.O.B. Value of Exports NIL NIL

6. CONTINGENT LIABILITIES

Current Year Previous Year Bank Guarantee, Counter guarantee for NIL NIL Guarantee issued by bank

7. CAPITAL COMMITMENTS

Estimated amount of contracts remaining to be executed on capital account and not provided for are Rs. Nil (P.Y. Rs. NIL).

8. PROVISION FOR TAXATION

Provision for taxation under Income Tax Act, 1961 has been made under the provisions of section 115-JB of Income Tax Act, 1961, relating to Minimum Alternative Tax (MAT).

9. BONUS

The Company has not provided any bonus for the year under report, the same shall be accounted for as and when paid.

10. Related Party disclosures as required by AS - 18 "Related Party Disclosures"

Key Management Personnel Director Mr. Mahabir Parshad Gupta Director Mr. Sunil Kumar Gupta Director Mr. Rajbir Singh Makhni Director Mr. Ashvarya Kumar Maheshwari Associate Companies Diwakar Commercials Private Limited

11. ACCOUNTING FOR TAXES ON INCOME

As a matter of prudence, company is not recognizing the deferred tax asset/liability as provided by the Accounting Standard - 22.

12. During the year under report, name of the company has been changed to Euro Finmart Ltd. from Euro Gold Jewellery Ltd. and the same has been approved by the shareholders of the company and various statutory authorities. Also there is a change in the authorized share capital & paid up capital structure and the company has issued Preference Shares on preferential basis to various applicants belonging to non-promoter group.


Mar 31, 2009

1. Figures of previous year have been regrouped or rearranged, wherever considered necessary to make them comparable with those of the current year.

2. Preliminary expenses incurred upto March 31, 1998 are amortized over a period of ten years and thereafter expenses incurred be amortized over a period of five years. However, Project Promotion Expenses and Share Issue Expenses under the head Miscellaneous Expenditure are being written off over a period of ten years in equal installments. However, keeping in view losses incurred by the company during the year, such expenses have not been adjusted as per practice followed in the earlier years and therefore the loss for the current year is subject to this amount.

3. MANAGERIAL REMUNERATION - NIL

4. The Balances of Sundry Debtors, Advances Recoverable and Advance from Customers are subject to confirmation and therefore remain unconfirmed. 5, Related Party Disclosures

Key Management Personnel

Director Mr. Alshvarya Kumar Maheshwari Director Mr. Ashok Kumar Maheshwari Director Mr. Rajbir Singh Makhni Director Mr. Mahavir Parshad Gupta

5. CONTINGENT LIABILITIES

a. Bank Guarantee, Counter guarantee NIL NIL for Guarantee issued by bank

6. CAPITAL COMMITMENTS

Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. Nil (P.Y. Rs. NIL).

7. PROVISION FOR TAXATION

Provision for Income Tax under Income Tax Act, 1961 has not been made keeping in view the losses Incurred by the Company.

8. BONUS

The Company has not provided bonus Rs. Nil /-(RY. Rs. Nil) for the period under report, (he same shall be accounted for as and when paid.

9. Related Party disclosures as required by As - 18 "Related Party Disclosures" - Nil

10. ACCOUNTING FOR TAXES ON INCOME

Keeping in view of losses, as a matter of prudence, company is not recognizing the deferred tax asset/liability as provided by the Accounting Standard - 22.

11. During (he period under report, the company has received order from Honble High Court of Delhi dated January 20, 2009 for 98% reduction in Share Capital of the company. Accumulated losses and Share Premium Account has been, written off on consolidated basis through reduction in share capital u/s, 100 of the Companies Act, 1956.

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